Analyzing the options chain and the chart patterns of PSX Phillips 66 prior to the earnings report this week,
I would consider purchasing the 150usd strike price Calls with
an expiration date of 2024-7-19,
for a premium of approximately $14.05.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
In the books, it is written that symmetrical triangles are formed because of uncertainty. The market is forming an opinion about the direction of the asset.
Moreover, it is said that symmetrical triangles have a higher probability of being a continuation pattern.
If we apply those learnings to PSX, we have the following analysis:
After an uptrend in prices,...
NYSE:PSX
Overall Trend: The stock has been following an upward trend, as evident from the upward-sloping blue trendline. This suggests bullish momentum.
Candlesticks:
We see a mix of bullish and bearish candles, but the bullish candles are larger in body, suggesting stronger buying pressure.
The large blue candlestick in the recent period might indicate...
(32/1000)
Ascending Triangle for PSX on the weekly chart.
Not confirmed
Possible 89,92% gains.
As per graph on the right, energy sector (SPN) is building into an ascending triangle (not confirmed) with a possible 41,62% gain.
PSX analysis:
Pros:
1- Bullish Ascending triangle
3- PPS above 50MA and 200MA
3- R/R ratio above 5
4- 250RSI above 50 and ascending
5-...
The PEAD projected a Bearish outlook for $PSX after a Negative Under reaction following its earnings release placing the stock in drift D with an expected accuracy of 71.43%.
Golden Cross
The 20 moving average on the daily chart has crossed above the 50 moving average today.
Monthly High
Stock price is at monthly highs.
Pivot Machine Gun (PMG)
When price makes continued highs for 5 days. This is a bearish reversal signal
only if price starts to break the low of the last day's candle.
Volume Shelf Launchpad
When price starts to move...
The PEAD projected a Bullish outlook for $PSX after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 83.33%.
Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum...
The PEAD projected a Bullish outlook for $PSX after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 100%.
From the March 2020 bottom at $40.04, the recovery qualifies to be labelled as a Leading Diagonal.
Leading Diagonals are found in wave 1 or wave A of impulses and zig zag corrections respectively.
In this scenario, the correction from $111.28 should terminate above $40.04.
The correction seems to be unfolding as an ABC zigzag.
Using the Fibonacci extension...
Buy (Entry Price) above the black line and exit (Stop Loss) below the red line. Can take profit at the suggested Target Price.
Entry Price: $95.75
Target Price: $97.80
Stop Loss: $93.70
Market hasn't favored the breakout stocks but PSX has continuously shown strength and finally broken out from a nice triangle consolidation pattern since 2020.
Livermore effect with 100 magnet and then some if trade plays out. Nice volume uptick past weeks and RSI bullish confluence
I'm long JUN 100 calls , stop at 50% premium.
